Platts Shortens US Natural Gas bidweek to 3 trading days

S&P Global Platts has shortened the US natural gas bidweek to three days from five days.

The change has been applied to both the preliminary and final Platts and ICE monthly indices. Platts originally proposed to implement the change beginning June 2021 bidweek. However, to give market participants and Platts price submitters enough time to make the required process changes, the change began October 2021 bidweek, which commenced trading on Sept. 24. The original proposal was published on Jan. 21, 2021, and can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/012121-platts-proposes-shortening-bidweek-to-three-trading-days-from-five. The final trading day of bidweek mirrors the expiration of the NYMEX natural gas futures contract on the third to last business day of the month, outside of holiday exceptions. To give Platts price submitters more time to process their bidweek trades, Platts extended the reporting deadline to 2 pm CT on day 4, rather than the end of day 3 as originally proposed. Platts natural gas editors now assess values and contact price submitters for trade verification on day 5. The publication day for Final Platts and ICE monthly indices has not changed. Platts continues to publish the indices on the first business day of the month. The 2021 bidweek trading schedule can be found at: https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/natural-gas/us-and-canada-natural-gas-methodology. The change has affected all US monthly indices, listed on pp. 22-24 and pp. 30-36 of the methodology and specifications guide. The change did not impact CGPR indices. Please send any comments to americasgaspricing@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.